We'd like to make sure our tips are useful for you. Take our short survey on them!
Several programs issued funds to individuals and businesses to supplement income lost during the COVID-19 pandemic. Here are some common programs, how they are treated for tax purposes, and if they are included in household income.
If you received | Included in Minnesota Adjusted Gross Income? | Included in Minnesota Household Income? |
---|---|---|
Economic Impact Payments | No | No |
Payroll Protection Program loans forgiven | No | Yes |
Small Business Administration loan payments made on your behalf under CARES Act section 1112(c) | Yes | Yes |
Restaurant Revitalization Grants | Yes | Yes |
Childcare Provider COVID relief grants | Yes | Yes |
For more information, see the instructions for line 24 of 2021 Schedule M1NC, Federal Adjustments, and pages 8 and 9 of the Property Tax Refund instructions.
If you are unsure about the treatment of income your client received, email taxpro.outreach@state.mn.us or call 651-556-6606.
Questions?
Contact us.
If you | Then |
---|---|
Need help with your clients' accounts and have power of attorney on file with us | Contact the appropriate taxing division |
Have questions about tax law changes | |
Have general questions | Email taxpro.outreach@state.mn.us, or call 651-556-6606 |